VA Loan – Certificate Of Eligibility
The First Step To Getting A VA Loan: Certificate Of Eligibility
A VA loan is a mortgage that assists military service members or veterans in becoming a homeowner. There are certain steps that must be met and specific documents that you will be required to submit in order to be able to qualify for this excellent loan opportunity. Typically, the first thing you will need to do is provide your lender verification that you qualify for this loan program. If you are located in the areas of Palm Beach, Tri-County, or Broward County, Florida, and are interested in buying a home with VA loan financing, CTC Mortgage is here to help. Continue reading to learn more about the steps you will need to take when using a VA loan to buy a property.
Essential Information: VA Loans
A VA loan is a mortgage option that was originally created for people that either are currently serving or have previously served in the United States military. A VA loan can offer excellent benefits for a borrower, including flexible loan terms, lower interest rates, and no down payment or mortgage insurance costs. VA loans are issued by private lenders and are insured through the Department of Veterans Affairs (VA). Because of this, they are considered less of a risk for a lender, and borrowers have the choice to use a VA loan for the purchase of a new property or to refinance their current mortgage.
What Is A Certificate Of Eligibility?
One of the first steps to obtaining a VA loan is to provide a certificate of eligibility, which is evidence that the veteran who is applying for the loan meets the eligibility requirements. The potential borrower must submit verification of their military service so that they can receive the certificate of eligibility. After this has been submitted, a lender will also verify the applicant’s income and analyze their credit background. Therefore, providing a certificate of eligibility will not guarantee VA loan approval, however it will be required when you close on a home.
What Are The Requirements For A VA Loan?
There are many requirements that must be met in order to obtain the VA certificate of eligibility, including:
● The borrower must have served 90 consecutive days of active military service during a time of war
● The borrower must have served 181 consecutive days of active military service during a time of peace
● A borrower must have served at least 6 years in the U.S. National Guard
● A borrower must be the spouse of a military service member who has passed away in the line of duty or due to a military-related injury.
If you are a military veteran or active service member interested in purchasing a home in Palm Beach, Tri-County, or Broward County, Florida, and have questions about applying for a VA loan, contact CTC Mortgage today for a consultation.
